(The Donlon Report) — President Joe Biden’s corporate tax hike is getting some pushback from business leaders claiming it would have a significant “negative” impact on the economy.
The corporate tax hike is part of Biden’s proposed $2.3 trillion infrastructure package focused on four infrastructure categories — transportation; public water, health and broadband systems; community care for seniors; and innovation research and development. Funding for the plan will come from raising the corporate tax rate from 21% to 28% which would unwind the lower corporate rate put in place by the Trump administration.
According to a survey conducted by the Business Roundtable, 98% of CEO’s surveyed said increasing the corporate tax rate from 21% to 28% would have a “moderately” to “very” significant adverse effect on their company’s competitiveness. But President Biden says this bill is how America will “win the future” and raise trillions in revenue.
So how is increasing taxes on some of America’s largest job creators really going to affect the economy?
Watch Hal Lambert answer the question on The Donlon Report in the player above.